Cheered by Nasdaq crossing the psychological barrier of 2,000 points, investors sent Tel Aviv blue chips up almost 2% on Thursday.
The Maof-25 index closed up 1.6%, having hovered at that level throughout most of the day. The TA-100 stayed up 1.5% at closing, and the Tel-Tech index ended the session with a 3% climb. The total volume of trade was NIS 240 million.
Tower Semiconductor (Nasdaq:TSEM) leaped 4.8% on an NIS 6 million turnover. The rise was prompted by the sharp 53% climb for the semiconductor sector since September 21. Tower's parent company The Israel Corporation was lifted by the rise. It closed the session up 4.9%.
The talk of the floor was Bank Discount's purchase of a 20% stake in Harel Insurance for NIS 330 million, a premium of 23% above the company's market cap. Affected shares HARL1, HARL5 responded with a 3.2% climb. Discount stock rose 1.2% as well.
Tadiran Wireless Communication Industries rose 3.1%, half its morning gain of 6.3%. The company said it signed a contract to supply $10 million worth of equipment to the Yugoslavian army.
Koor Industries (NYSE:KOR) also climbed 3% on an NIS 11 million turnover. New investments in its subsidiary ECI Telecom (Nasdaq:ECIL) led to the climb. ECI announced today it will be posting an NIS 17.8 million capital loss following the arrival of these new investors, a move some analysts don¿t deem beneficial.
Teva Pharmaceuticals (Nasdaq:TEVA) gained a mild 0.2%. The share received a Buy rating from Investec General Bank, setting its price target at $70, 20% higher than the share¿s price. The bank believes Teva has not yet benefited from the recent upward trend on Wall Street.
Clal Industries, which has a 14.6% stake in ECI, also rose 4.1% on an NIS 14 million turnover.
Bezeq gained 3.1%. Apropos of Bezeq, businessman Gad Zeevi was supposed to be making a $45 million interest payment on loans taken from the banks to buy a 20% stake in Bezeq. Well, he didn't. The banks may seize the Bezeq shares he provided as collateral.
Hebrew language portal Walla climbed another 2% on top of last night's 29% leap, having earlier gained as much as 12%. CEO statements the company switched to gross profit in Q4 boosted the rise. Trade volume for Walla grew to NIS 183,000 by the end of the session.
Formula (Nasdaq:FORTY) gained 2.6% after starting with a wide 5.2% arbitrage spread with Nasdaq.